A Flexi Hybrid Home Loan enjoys a tenor of up to 25 years and you can make part-prepayments towards it anytime you wish to, as many times as you wish to, without paying any extra charge. … You can then avail this amount as a loan if you need finances at a later date and pay only interest on it.
Also know, are there any AMC charges in flexi hybrid loan?
Annual Maintenance Charges
If you opt for a flexi personal loan, the annual maintenance charge will be 0.25% on the loan limit. With a personal loan from Bajaj Finserv, there are no hidden fees or charges.
Additionally, how does a flexi loan work?
With a Home Flexi Loan you reduce your regular outgoings by only paying the interest on your loan to start with. You can borrow up to your agreed limit and repay as often as you like. Interest is only charged on the amount you actually use. There are no extra fees for withdrawals and no charges for unused funds.
Is Bajaj Finance Flexi loan good?
Bajaj Finserv Flexi Loan is, after all, a personal loan product. The rate of interest is likely to be quite high. … Interest-only EMI sounds good and provides flexibility in loan repayment. However, at the same time, you end up paying more in terms of absolute interest.
However, unlike a rigid term loan that offers little room on the interest front, a flexi loan allows you to pay interest only on what you borrow and not on the total sanctioned limit. This brings down the EMIs, thereby aiding you to manage your finances with ease.
In traditional personal loans, the approved loan amount is disbursed in a single payment. There are no constraints on how much money you spend. Meanwhile, in a Flexi loan, you cannot exceed a borrowing limit. You can withdraw funds within this limit.
The entire loan amount and interest is then divided across the entire tenor and you pay in EMIs of the same amount. … With the Flexi Hybrid Personal Loan, repayment is a lot more flexible. Here you pay interest on the amount you have utilized from your limit and not on the total loan amount.
The lender sets an interest rate of 10.25% and a processing fee of 2% of the loan amount.